In today’s article, we will be looking at some past price trends and market analysis in order to present you a Bitcoin Cash price prediction for November 2019.
Bitcoin Cash Overview
Bitcoin Cash was created in August 2017 from a Bitcoin fork, by Amaury Séchet, a former engineer at Facebook.
The fork was initially a protocol update, that was designed to increase the 1 MB block limit, to prevent blocks from piling up, and to lead to long transaction times. As such, BCH has a higher transaction processing capacity per second when compared to Bitcoin.
Out of all the many Bitcoin forks that took place, BCH is considered the topmost successful, ranking top 4 by market cap and being used as a payment method by many online merchants. Bitcoin Cash has a 24-hour volume of $2,404,250,583, and a market cap of $5,285,096,769.
Bitcoin Cash Price Prediction: Analysis
The last day of October saw Bitcoin cash opening at $290.40, with the coin peaking several times through the day, its highest value being $296.56, and the lowest $274.43. BCH closed the day at $284.48.
Bitcoin Cash opened November with a trading price of $284.49, which was also its highest value for the day. The coin maintained a downward trajectory throughout most of the day, recovering slightly towards the end, closing at $279.14.
November 2 opened at $279.22, with the coin steadily gaining over the day, reaching $290 levels and closing at $290.72. On November 3rd, Bitcoin Cash opened at $290.73 and tested briefly the $300 resistance level, peaking at $303.13, but then went back to $290- $280 support levels. BCH closed the day at $ 292.71.
Bitcoin Cash maintained a relatively stable movement on November 4th, with prices fluctuating between the $293 and $286 support levels.
Today, November 5th, Bitcoin Cash was trading at $292.05 USD, up 0.02%, with the following support and resistance levels:
- Resistance Level (R3): 300.906;
- Resistance Level (R2): 297.196;
- Resistance Level (R1): 294.486;
- Pivot Point: 290.776;
- Support Level (S1): 288.066;
- Support Level (S2): 284.356;
- Support Level (S3): 281.646.
The overall trend for BCH seems to point to a bullish movement. Based on correlation analysis, BTC and BCH have no relationship, as the correlation coefficient of their prices is -0.09. A negative coefficient means that BCH’s price is going in the opposite direction when Bitcoin is experiencing a drop or a surge.
In terms of positive developments, Bitcoin Cash was recently listed on Luno, a popular crypto exchange. It also seems that BCH’s popularity has been taking off in Japan.
Back in September, Bitcoin.com announced that it was developing a derivative for the cryptocurrency. That month, HTC’s Exodus smartphone also integrated support for Bitcoin Cash. This generated a small bullish trend in September, but there was not enough impulse to keep the momentum going. Also, in September, BCH experienced a soft fork update, which added the Schnorr signature.
The last quarter of the year has not brought many noticeable developments for Bitcoin Cash. Most of October, the coin has
According to the Bitcoin Cash (BCH) resource page, there are over 70 applications or projects that are based on the BCH chain, such as third-party support and protocol development.
The most recent development to spark joy in BCH enthusiasts was that top telecom giant AT&T announced that they will now be supporting Bitcoin Cash payments through Bitpay integration.
AT&T is among the 10 Fortune 500 companies, which have a large global user base that is now accessible to BCH, that, in turn, could increase adoption rates significantly for the crypto.
Bitcoin Cash Price Prediction: Market Opinion for November 2019
Several crypto sites have made their own Bitcoin Cash price prediction for November 2019, and to offer you a better perspective on market sentiment, we decided to include a few of them below.
Dollarrupee predicts that BCH will be at the start of the month $283.89, with a maximum price of $391.20, while the minimum price will be at $271.32. The average price for the month is estimated at $328. The site expects the coin to end the month at a price of $365.59, change for November 28.8%.
The 30rates website features a Bitcoin Cash price prediction for every day of the month, along with the highest and lowest values of each particular day:
- November 6: minimum $270, maximum $310, and a closing price of 290 dollars;
- November 7: minimum $280, maximum $322, and a closing price of 301 dollars;
- November 8: minimum $275, maximum $317, and a closing price of 296 dollars;
- November 11: minimum $270, maximum $310, and a closing price of 290 dollars;
- November 12: minimum $270, maximum $310, and a closing price of 290 dollars;
- November 13: minimum $295, maximum $339, and a closing price of 317 dollars;
- November 14: minimum $299, maximum $343, and a closing price of 321 dollars;
- November 15: minimum $308, maximum $354, and a closing price of 331 dollars;
- November 18: minimum $300, maximum $346, and a closing price of 323 dollars;
- November 19: minimum $349, maximum $401, and a closing price of 375 dollars;
- November 20: minimum $352, maximum $406, and a closing price of 379 dollars;
- November 21: minimum $326, maximum $376, and a closing price of 351 dollars;
- November 22: minimum $318, maximum $366, and a closing price of 342 dollars;
- November 25: minimum $329, maximum $379, and a closing price of 354 dollars;
- November 26: minimum $347, maximum $399, and a closing price of 373 dollars;
- November 27: minimum $349, maximum $401, and a closing price of 375 dollars;
- November 28: minimum $336, maximum $386, and a closing price of 361 dollars;
- November 29: minimum $340, maximum $392, and a closing price of 366 dollars.
Longforecast predicted that BCH would start the month at $283. The site also estimated that the maximum value for the month would be $406, while the minimum value would be $270. They calculated that the average value for the month will be $331. The closing value for the month was forecasted at $366, with a change of 29.3%.
Cryptoground estimated that the coin would reach in one week $304.6550, change 5.56%, and in one month $293.1888, change 1.59%.
Digitalcoinprice’s prediction was that Bitcoin Cash would hit a price of $487.93 USD, change for November of 66.84 %.
Bitcoin Cash Price Prediction: Verdict
With this, we conclude our Bitcoin Cash price prediction for November 2019. We hope that the information we presented will be of help to you in your future BCH trading endeavors.
Bitcoin Cash not capable of attracting investors for now: Report
Recently, Falcon Private Bank published the latest edition of the Falcon Crypto Monthly report, a publication that addressed Bitcoin and altcoin market movements over the last month and derived insights through technical analysis of the data.
According to the report, the cryptocurrency market failed to consolidate above important support levels in November, trading just below a $200 billion market cap. Bitcoin‘s dominance fell to 66.7% last month, with over $40 billion being erased from the overall market capitalization, according to CoinMarketCap.
The report also noted how a majority of the top 20 cryptocurrencies fell by 20% on average in November, with BCH losing 23% and XRP losing 23.6% of their values. Ethereum was shown to have been unable to stay above the $160 support, despite positive news stemming from the highly anticipated Istanbul hard fork.
“Although the ETH price did not react as much as investors would have wanted, Ethereum is on trackto achieve technologically, what they have planned.”
Having traded above the $0.30 mark in early November, the report pointed out how XRP had touched a new yearly low at $0.207 towards the end of the month, despite Ripple announcing its increase of equity stake in MoneyGram International. Bitcoin Cash was also shown to have followed in the same footsteps as its brethren, having gone through a steady price decline, while eventually finding support above the $200 mark. Despite a successful network protocol upgrade in November, price action around the event was reportedly muted, highlighting that BCH was “apparently not capable [of attracting] more investors for the time being.”
The Falcon report also spoke about how the last quarter of 2019 had been disappointing for cryptocurrency investors, with the total market cap losing 50% compared to 2019’s high which was recorded to be $386 billion. According to the report, the total market cap found some support above the $195 billion mark, going on to predict that it in a worst-case scenario, it will only drop to as low $180 billion.
Subsequently, the report mentioned that the market had experienced a steady decline and loss of interest from investors since July, with cryptocurrencies in 2019 showing less volatility than in previous years. Further, Falcon recommended investors stay cautious as the year-end approaches due to higher volatility and reduced liquidity trends that tend to happen around this time of year. These trends, by themselves, could trigger unpredictable movements, the report added.
Bitcoin Cash Technical Analysis: BCH/USD sitting on critical weekly support a breach is eyed
- Bitcoin Cash price is trading in the green, with gains of 2.10% in the second half of the session.
- BCH/USD is sitting on critical weekly support at $208, ahead of of psychological $200 mark.
- Price action is moving within consolidation mode, vulnerable to further downside risks.
BCH/USD weekly chart
The price is running at its second consecutive week in the red, trading just above vital support at $208.
BCH/USD daily chart
Daily trading conditions remain very much narrow, which has been the case since 23 November. An explosive breakout does appear to be imminent.
Spot rate: 211.11
Relative change: +2.10%
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Bakkt’s BTC Monthly Options record execution of first block trade
Bakkt has come a long way since its launch on 23 September.
After stuttering initially with low trade volumes, with the exchange recording trades of only 71 BTC on the first day, Bakkt has taken major strides in the market over the past few months.
According to a press release released by Intercontinental Exchange or ICE, Bakkt’s parent company, the first block trade of Bakkt’s BTC Monthly Options that was submitted to ICE Futures U.S has been executed.
The block trade was carried out between Mike Novogratz’s Galaxy Digital Trading and XBTO, an asset management firm.
With this announcement, Bakkt has managed to stay one step ahead of its direct competitor, CME Group. However, the CME Group has its own plans to launch its option contracts early next year on 13 January 2020.
Bakkt’s BTC Monthly Options are also the first CFTC-regulated options on Futures contracts for Bitcoin, and is a development which highlights
Trabue Bland, President of ICE Futures U.S, stated,
“Based on our benchmark physically delivered bitcoin futures, these options contracts offer our customers a capital-efficient new tool for trading and for managing volatility, price risk, and income generation.”
Josh Lim, Head of Trading Strategy at Galaxy Digital Trading, suggested that the deployment of centrally-cleared Bitcoin options laid the path for a better institutional market, one that would be ingrained with a deeper level of liquidity.
The latest development came on the back of another instrumental announcement as last week, it was reported that Bakkt completed over 1,000 cash-settled Futures contracts in Asia following its launch on 9 December in Singapore.
Two weeks prior, Bakkt reached significant levels in terms of volume after it was reported that the exchange recorded an estimated $38.74 million in trading volume, a figure which was equivalent to almost 5,100 BTC.